New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter II - Municipal Affairs
Subchapter A - Sales Of Bonds And Notes; Debt Statements
Part 38 - Sinking Funds For Bonds Of Municipalities And School Districts
Section 38.9 - Investments

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 38.9

Current through Register Vol. 46, No. 39, September 25, 2024

(a) The State Comptroller shall invest amounts on deposit in sinking fund accounts only in investments permitted under section 22.10 of the Local Finance Law and under any agreement between the issuer and the State Comptroller. Such investments shall mature or be redeemable at the option of the State Comptroller on or before the date such moneys are to be applied to the redemption of sinking fund bonds. For purposes of determining the amount required to be contributed to a sinking fund account, the value of such investments shall be:

(1) the par value thereof, in the case of investments paying interest on a current basis (i.e., paying interest at least annually); and

(2) The accreted value thereof, in the case of investments not paying interest on a current basis (e.g., zero coupon bonds).

(b) Any collateral required for any investment shall be marked to market daily and shall be held by the State Comptroller or his custodian or, if the obligations are in book-entry form, all actions required to perfect the State Comptroller's security interest in such obligations shall be taken.

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